Why QuantumScape Stock Jumped Over 15% Today

Key Points

• QuantumScape has partnered with glass giant Corning to mass-produce a critical component of its battery cells.

• QuantumScape's anchor customer recently gave a demo of a Ducati motorcycle powered by its battery technology.

• 10 stocks we like better than QuantumScape ›

Shares of QuantumScape (NYSE: QS) exploded on Wednesday and were trading over 16% through 1:30 p.m. ET. The developer of solid-state lithium-metal batteries for electric vehicles just signed a partnership, and investors see this as a big milestone and catalyst for QuantumScape stock.

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QuantumScape's new partnership

QuantumScape is partnering with Corning (NYSE: GLW) to jointly develop ceramic separators in high volumes for commercial uses. Instead of polymer separators that are used in traditional lithium-ion batteries, QuantumScape uses ceramic separators that seemingly make the batteries safer, more energy dense, longer lasting, and faster to charge, among other things.

Partnering with Corning, one of the world's leading manufacturers of glass, optical fibers, and ceramics, is a strong endorsement of QuantumScape's technology. Moreover, since the partnership aims to scale up production of the most critical component of QuantumScape's battery technology, it brings the company one step closer to commercialization.

Is it time to stock up on QuantumScape stock?

QuantumScape has already found an anchor investor and customer in auto giant Volkswagen's (OTC: VWAGY) battery subsidiary, PowerCo. In July, QuantumScape and PowerCo expanded their collaboration and licensing agreement, with PowerCo committing to invest an additional $131 million in the battery maker over the next two years to accelerate the development of QSE-5 battery.

QSE-5 is QuantumScape's first planned commercial battery cell, and the two companies even gave its first live demo recently during Volkswagen's press conference at IAA Mobility in Munich. They displayed a modified Ducati V21L race motorcycle powered by QuantumScape's battery cells.

Last quarter, QuantumScape said it has entered into a joint development agreement with another global automaker. It also has an agreement with Murata Manufacturing to explore ceramics production, with Japan as the target market.

With QuantumScape signing yet another meaningful partnership (with Corning) and targeting field testing of its battery cells in 2026, the stock could remain in the headlines. However, with QuantumScape shares more than doubling in just three months and already commanding a market cap of over $8 billion, it's a rich valuation to pay for a company that's yet to generate first sales from its core product and prove its profitability.

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Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool recommends Corning and Volkswagen Ag. The Motley Fool has a disclosure policy.